Improve marketing ROI and create more profits out of thin air. It doesn’t cost you any more money however mastering your time management skills will help. In an age of increasing costs and diminishing margins, cost effective marketing is becoming more & more important.
Who Are Your Future Customers?
To be successful, you really need to know your target audience and ‘what keeps them awake at night’. Are you marketing to the general public, middle class home owners, young singles with high disposable incomes or business owners?
Your marketing mix will vary depending on your target market. You need to know exactly who your future customers are so you can match your products & services to their specific requirements.
The more you know about them, the greater your marketing ROI. Who’s Your Competition? Through research, find out how many local businesses provide the same or similar services and/or products as you.
How do these businesses improve marketing ROI? Does your USP (unique selling proposition) really make you stand out from your competitors? The internet has really made research quite easy these days and it’s to your advantage to know who & where your competition is.
Strive to Be Different. Nowadays we’re inundated with constant sales messages. Press, TV, radio, the letterbox chock full of junk mail, emails it never seems to stop. Everybody wants to improve their marketing ROI, it certainly improves the look of your business financial plan.
Every business owners is trying to get his company message seen so you need to be different. Think outside the square, brainstorm ideas, be kooky, be innovative, keep trying different options until you hit a winner. How about making sure you have business equipment insurance, that’ll keep the profits up!
Above all. be different! Ya Gotta Ask Yourself… “What Am I Trying to Achieve?” Your business goals need to be crystal clear.
Sure you want more income but you need to be specific as to how you’re going to do it. Do I want more warm prospects, do I wish to sell more to existing customers, do I want to introduce a new higher margin product, etc. Be clear on what you’re doing and you’ll get to where you want to go much quicker.
Consistency is King! Consistency in your company’s service level & quality of product is paramount if you want to improve marketing ROI. Similarly, consistency in the way in which your company is presented to the marketplace is of equal importance.
By that I mean all printed marketing material & company stationery should be consistent in color & design. Customer & prospect familiarity is a valuable benefit of consistency.
What’s Your Message? What message do you want your target audience to remember?
Whether you realize it or not, when someone looks at or reads our marketing material, they’re left with a message. We all hope the message is a positive one. but it could be negative. A USP (unique selling proposition) should tell your audience, in less than 8 words, what your company does and what’s unique about it.
Your USP should appear close to your company name or logo and, if possible, should naturally run-on from your company name in a contextual manner. Your USP should also appear on all marketing material & business stationery. You may consider a USP a minor point but it will impact on your marketing ROI.
Test & Measure. Through basic marketing intelligence we can test & measure the results of our marketing effort?
For retail outlets it could be as simple as asking the customer why they visited your store. For discount coupons it could be an area code or promotion code printed on the coupon. For a press ad it could be ‘call this number and ask for Jan’ with the ‘ask for Jan’ being different name for each strategy or promotion.
It’s very important to test & measure every marketing strategy that you implement into your business if you want to improve marketing ROI.